June Bulletin – Federal Budget 2009 Announcements

Investment Tax Break

The tax break for small business (less than $2m aggregated turnover) was increased from 30% to 50% of the cost of eligible expenditure and the last date for small business to acquire equipment to access the higher deduction has been extended from 30 June 2009 to 31 December 2009.

To be eligible for the tax break in the current financial year, the equipment acquired must generally be installed ready for use by no later than 30 June 2009. Equipment that is committed to ie ordered before this date but not installed and ready for use until after 30 June 2009 will still be eligible for the 50% tax break but the claim will be deferred until the 2010 financial year. (more…)

June Bulletin – Tax Planning for the year ended 30 June 2009

Tax planning involves arranging affairs in order to comply with the income tax legislation resulting in the lowest legal taxation liability. As such, tax planning is contrasted from tax avoidance, which is the entering into a scheme in order to obtain a tax benefit and can result in significant penalties.

As 30 June approaches taxpayers should seriously consider tax planning as many strategies require action prior to 30 June in order to be effective.

The following list is by no means exhaustive but provides a number of items for consideration:
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Launch of our new website

We are proud to announce the launch of our new website. In this section, we will post regular updates on our firm.

May Bulletin – Federal Budget 2009

URGENT – Possible changes to super contribution rules

As you may have read in the daily press in recent days, it is anticipated that the Federal Government will introduce changes to superannuation contribution rules in the Budget to be delivered next Tuesday, 12 May 2009. (more…)

Client Open Event

On Thursday 23 April 2009, Ted Ballieu did Smith Feutrill the
great honour of officially opening our new offices.  A memorable
night had by all.

February Bulletin – Investment Tax Break

Recently the government announced it will provide an additional $2.7 billion temporary tax break to businesses to boost investment via the introduction of a bonus tax deduction. The deduction will apply to the purchase of new tangible depreciating assets used in carrying on a business subject to the conditions outlined below. It is important for all clients to be aware of this opportunity in order to effectively plan for future capital expenditure and to maximise tax benefits. (more…)